Paragraph 4 The EMR 2011

(1)

The EMR 2011 are amended as follows.

(2)

In regulation 22, in paragraph (3)—

(a)

at the appropriate places insert —

““electronic money institution special administration” has the same meaning as in the Payment and Electronic Money Institution Insolvency Regulations 2021 (see regulation 4(3));”;

““investment bank special administration” has the same meaning as in the Investment Bank Special Administration Regulations 2011 (see regulation 3(1) of those Regulations).”;

(b)

in the definition of “insolvency event”, omit the “or” at the end of paragraph (k) and after paragraph (l) insert—

“;

(m)
the entry of the institution into payment institution special administration; or

(n)
the entry of the institution into investment bank special administration.”.

(3)

In regulation 24—

(a)

in the heading, at the end insert “(except electronic money institution special administration)”;

(b)

in paragraph (1) after “insolvency event” insert “(except electronic money institution special administration)”.